Brief History
Playboy Enterprises was created in 1953 as the HMH Publishing Co., Inc. for the purpose of publishing Playboy. The business quickly expanded and began to develop and distribute a wider range of adult entertainment. It went public in 1971. Christie Hefner, daughter of Hugh Hefner, was the President from 1982, and Chairman of the Board and Chief Executive Officer from 1988, until she left the company in 2009.
The Age reported in October 2008 that, for the first-time ever, Hugh Hefner was selling tickets to his celebrity-filled parties to offset his cash-flow problems due to setbacks Playboy Enterprises has suffered, including decreasing Playboy circulation, decreasing stock value, and ventures that have yet to turn a profit. Christie Hefner released a memo to employees about her efforts to streamline the company's operations, including eliminating its DVD division and laying off staff.
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